Welsh business rates frozen for 2021-22
Rhewi ardrethi busnes Cymru ar gyfer 2021-22
Business rates in Wales will not be subject to an inflationary increase in 2021-22 Finance Minister Rebecca Evans has confirmed today.
Freezing the multiplier next year will help support around 54,000 ratepayers across Wales, who are not already receiving 100% rates relief. This takes the total amount of savings businesses have received on their rates bills to more than £90m, since 2018-19.
Earlier this year the Welsh Government also announced a rates relief package worth £580 million to provide businesses with the support they needed to survive the pandemic.
Finance Minister Rebecca Evans said:
“We recognise the pressures that businesses are facing and we are continuing to explore the support measures we can put in place to help businesses cope with the economic impact of the coronavirus pandemic and the end of the EU transition period.
“The announcement I have made today provides businesses with the reassurance that they will not see an increase in their business rates liabilities next year.”
Notes to editors
The current 2020-21 multiplier for all properties in Wales is 0.535 pence. Under normal practice this multiplier would have increased in line with Consumer Price Index inflation to 0.538 pence.
The financial benefit to ratepayers depends upon the size of their premises. For example, premises with a rateable value of £15,000 would benefit from a £45 lower bill than they would if CPI was used. At the top end of the scale, premises with a rateable value of £1.5m would receive a bill that is £4,500 lower than if CPI were used.